AHEAD OF THE BELL:
Autodesk

[August 24, 2012]  NEW YORK (AP) -- Autodesk is cutting some jobs and consolidating its leased facilities, which will lead to charges of $40 million to $45 million in its third quarter. The software company's second-quarter results fell short of Wall Street expectations and it lowered its revenue guidance for the year.

Company shares tumbled 21 percent before the market opened Friday.

The job cuts are part of broader restructuring plans, which include an ongoing shift to cloud and mobile computing. The company did not specify how many jobs would be eliminated. A representative for the company was not immediately available for comment early Friday.

Autodesk expects about $50 million to $60 million in total restructuring-related charges. While the bulk of the charges will likely occur in the third quarter, most of the remaining amount is anticipated to be taken in the fourth quarter.

It reported second-quarter adjusted earnings of 48 cents per share on revenue of $568.7 million after the market closed Thursday. Analysts polled by FactSet forecast earnings of 49 cents per share on revenue of $593.5 million.

For the full year, the San Rafael, Calif., company now foresees revenue up 4 percent to 6 percent. That's roughly half of previous guidance of a 10 percent rise.

Autodesk Inc. expects third-quarter adjusted earnings of 40 to 45 cents per share on revenue between $550 million and $570 million.

Wall Street predicts earnings of 50 cents per share on revenue of $601.3 million.

Shares fell $7.61 to $28.10 in premarket trading.

[Associated Press]

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